Investing 103 - WHO You Should Listen To On Wall Street
Keys to the Kingdom
“The tiniest of financial engineering could double your retirement fund, thanks to decades of compounding.”*
*(Only works if you are young and have 20-30 years of income and investing ahead of you.)
This simple idea is the reason why I started this Substack. Almost half the people I come across, tell me that they want to learn more about investing but they don’t know where to start. There is so much information floating around, not having access is not an excuse anymore. But I understand it can be daunting and so I will share with you people and podcasts I listen to, which would be a great starting point for retail investors who genuinely want to learn about the financial markets.
Access to Data:
The first thing you need is access to data at your fingertips and I don’t mean data that’s available on Google but something with more depth into earnings, financial and valuation of a company, like Seeking Alpha.
Getting a Seeking Alpha subscription was a turning point in my investing career. Once I got access, I linked my brokerage account to it and now I get updates (news and analysis associated with stock in my portfolio) on a regular basis. I read ALL news articles related to stocks I own or am watching everyday. I am picky about articles I read. I also post a weekly newsletter “Alpha Coverage”, every Saturday morning where I share thesis changing news and articles that I come across every week. This newsletter was created with the specific intent of making news more easily digestible for investors who don’t have time to consume all the financial news coming out of Wall Street.
Seeking Alpha is running a Spring Sale and if you use this link to sign up, between March 27th and April 3rd, 2024, you can get Seeking Alpha Premium at $179 instead of $239 for the first year (25% off).
(Please take note that I’ll be compensated if you join seeking alpha using the link I shared above.)
News Vs Articles:
I divide all information coming at me from Wall Street in two areas, Facts (News) & Opinion (Analysis/Articles). This approach has helped me a lot in filtering out the noise (opinions and predictions) from real news.
I often lean on analysis and articles when I want to learn about a new stock or a new industry. But if I am already in the stock, I’m following the news very closely and therefore, unless there is a groundbreaking analysis, I don’t find it of much use.
However, I must stress that in my early days, reading other people’s analysis was paramount in learning about the financial markets. And I still love it when I come across a good analysis. It’s just hard to get excited about reading things you already know. But when you do it for the first time, it is quite exhilarating.
Over the years, I have started liking some authors and I make it a point to read their research simply because I know they deliver high quality research.
But news is paramount to me, I know about everything happening to any company that I am invested in within 24 hours of it happening and often that time is much shorter (within a couple of hours). Knowing why a stock is going up 30% or down 30%, gives me immense conviction to make big trades. So if you are a fundamental investor, news is half the job.
Pro Tip: The Seeking Alpha comments section is also very powerful. You will sometimes find better analysis in the comments. If a headline sounds ridiculous to me, I skip the article and go directly to the comments section. I'll know if I should invest time in this article or not by reading a few comments.Who to Listen to:
This section is the meat of this article. I spend double digit hours everyday listening to & reading Wall Street analysts, pundits, commentators and after having done this for a few years, I now have a good understanding of who I should be listening to.
I think I have some brains on me but not everything that I come up with is my own. Sometimes I get fully baked ideas from someone else (in which case I always share credit), sometimes it is picked from a lot of different places and I weave it into a narrative and sometimes it’s just pure magic where I conjure up something totally new (which is also inspired by all the information I am taking in all day).
It is therefore very important that you listen to the right people, people who are actually making sense, people who actually understand what’s going on. It is easier than ever to learn how to invest and manage your own money but finding the right people to learn from can be challenging in the beginning.
Before I get into the list, I want to take a moment and talk about how I perceive different kinds of media. I pay attention to the folks on this list when they talk and a handful others. For the rest of it, broadcast media helps me be aware of what's happening more broadly in the market right now, things that I might not be paying attention to. This peripheral information helps me build a better model in my head of what’s happening in the market and what the sentiment is like. I do not pay a lot of attention to pundits making stock recommendations on TV and/or on Wall Street but I pay attention to why they are saying what they are saying, what’s the fundamental reason driving their perspective.
The next section is what I think of as essentially the “Keys to the Kingdom”. This section is a firehose of who I listen to, amongst others. But the following list is the cream of financial media. I invite you to enhance your financial circle and start allocating some time to these amazing people.
(This is by no means an exhaustive list and I hope to add to it in the future).
Keys to the Kingdom
CNBC: Halftime Report
When I wanted to learn about finance, I did the same thing that every retail investor who wants to learn about finance does. I turned on CNBC everyday and listened to it all day, almost (I wasn’t that dialed in when I started). Within a few days, I picked Halftime Report as my favorite show.
I really like the format of the show, where often 3-4 members of the CNBC Investment Committee (Investing professionals from Wall Street)debate about the markets and specific stocks. That’s the key, it’s a debate. One person likes a stock, the other one hates it, sometimes they fight but for the most part it is a healthy debate on the merits of a stock and from a viewer’s perspective that is what you want, you want the bull side, the bear side ad then you make up your mind and build your own conviction. I haven’t found anyone else deliver this format, executed so well, as well as Scott Wapner does, anywhere else in financial media.
No matter where in the world I am, no matter how busy I am, I take out time to listen to the 45 minutes of Halftime Report five days a week.
Pro Tip: You can access the show for free via podcast: Apple Podcasts, Spotify, Google PodcastsJosh Brown
One of the reasons I liked Halftime Report so much was because of Josh Brown. I am in awe of Josh's ability to distill things into simple, digestible bites. His dedication to talk to investors, his passion and the way he talks about finance are unmatched. He once said: “I'd talk to the shower head if you were not listening”.
Josh Brown is a Wall Street veteran and I love listening to him whenever/wherever I can. He is someone I look up to and think the way he connects with retail investors will cement him as the most important person in financial media. I would recommend trying to listen to Josh as often as you can.
The best part about Josh Brown’s commentary is when he explains his fundamental thesis for owning a stock. He is someone who often introduces ideas or key technological differentiators that no one else is talking about. He does a great job of having a balanced view of the future and has a good sense of what is possible and how long it might take to play out.
Josh Brown is the CEO of Ritholtz Wealth Management & part of the CNBC Halftime Report Investment Committee.
How to Reach:
Josh’s Website: https://www.downtownjoshbrown.com/
You can also find Josh on The Compound YouTube Channel
Sample Content featured in Alpha Coverage 50:
In this episode of TCAF, Josh explains why Nvidia is the biggest story today in the simplest way possible. I would recommend you to listen to the entire Nvidia section.
Link to Full Video (Timestamped) - Mar. 23, 2024
Michael Santoli
There is no one, and I mean NO ONE in financial media who has a better pulse of the stock market than Michael Santoli who is a Senior Markets Commentator on CNBC. Any good market commentator has to be a historian first and Michael Santoli is unmatched in his ability to contextualize where the market is at any given time using historical references when necessary.
Michael is extremely balanced. I have never seen Santoli take a stance one way or the other if the data is not clear. His judgement on when not to lean bullish or bearish and instead say, ‘it remains to be seen’ makes him a must listen.
How to Reach:
Santoli brings his extensive markets expertise to CNBC with regular appearances on CNBC’s “Closing Bell” and “Closing Bell Overtime”. In addition, he contributes to CNBC.com and CNBC PRO, writing regular articles and creating original digital videos.
Michael Santoli’s X Account.
Tom Lee
I have no clue where Tom Lee was before 2020 but since the Covid pandemic, this man has been on fire. Tom Lee has been so right about the market that I have never seen anyone ever be. From his long term perspective to the short term notes that Tom sends out and graciously shares (most often on CNBC), he is on point. For a minute during the 2021/2022 crash, people were doubting Tom but he came out on the other side stronger than ever.
While I don’t spend that much time on analysis and research anymore, I listen to fundamentals carefully. Why do they think a stock is going to go up 50%? If they say sales will go up X%, what is driving that bump, is it sustainable?
Having said that, Tom's research is ideal for someone who is looking to trade because for long term investors, Tom pretty much always shares his POV on CNBC.
Thomas Lee is a Managing Partner and the Head of Research at Fundstrat Global Advisors.
How to Reach:
Outside of CNBC, you can access Tom Lee’s research at FS Insights, they also have a 30 day free trial.
You can also find Tom’s work on X.
Sample Content featured in Alpha Coverage 40:
CNBC: Bitcoin could hit 150,000 in the next 12 months and half a million in 5 years: Fundstrat's Tom Lee
Link to Link to CNBC YouTube Clip (06:41 Mins) - Jan 10, 2024
Brian Belski
Brian Belski is another great strategist and market commentator, who uses his historical knowledge of the market to guide investors towards greener pastures. The data Brian sights are often unique and a result of deep research. It’s almost as if he can see things that no one else can see. He has a very good command of what’s happening in the market at any given moment and how it relates to his long term thesis.
Brian Belski is the Chief Investment Strategist and leader of the Investment Strategy Group at BMO Capital Markets.
How to Reach:
I often watch him on CNBC or read his research via various news channels
Sample Content featured on WealthWise YouTube:
I’ve published a couple of BMO’s research on the WealthWise YouTube Channel and both have aged like fine wine:
Dividend Stocks Rated Buy for Stability and High Yields, Says Brian Belski - BMO
BMO Capital Markets suggests that S&P can remain resilient even if mega-caps face challenges
Stephanie Link
Stephanie Link is the most prolific stock picker I know. She too is a part of the CNBC Halftime Report Investment Committee. Stephanie is a fundamental analyst who has deep knowledge about the companies she is investing in, which often leads to her positions doing exceptionally well. If you own a stock that Stephanie is investing in, you are in great company.
Stephanie Link is the Chief Investment Strategist and Head of Investment Solutions at Hightower Advisors & part of the CNBC Halftime Report Investment Committee.
How to Reach:
I often watch her on CNBC’s Halftime Report.
Stephanie Link’s X Account.
Joe Terranova
There are a million different ways in which you make money in the market. While Josh and Stephanie are more fundamental, Joe is a momentum trader. Momentum can be very powerful for a stock or for the markets in general. There is a reason they say “Asset Prices Trend”.
Joe often does a great job of explaining what momentum is doing and how it is often divorced from fundamentals.
I think it is very important to understand that various factors that are at play in the market and very often it is momentum.
Joe Terranova is a senior managing director and the chief market strategist for Virtus Investment Partners. He is also part of the CNBC Halftime Report Investment Committee.
How to Reach:
I often watch him on CNBC’s Halftime Report.
Joe Terranova’s X Account.
Brad Gerstner
Brad Gerstner is a hedge fund manager and an early investor in Meta, Zillow, Snowflake, amongst others. Brad understands technology and investing in technology better than anyone I have come across
.Brad makes appearances on CNBC Halftime Report a few times a year but he recently started his podcast with Bill Gurley called BG2 Pod, where they publish bi-weekly videos talking about tech, investments and the VC space. I think this podcast is going to become one of the most watched podcasts in financial media.
Brad talks about investing in tech stocks, the way it should be done. The day after Nvidia delivered the blockbuster earnings in 2023, Brad was on CNBC defending Nvidia’s multiple. He made the case that you can’t invest in cutting edge technology products if P/E is your primary metric to gauge valuations. Brad is real and absolutely worth your time to listen to.
Brad Gerstner is the Founder, Chairman and CEO at Altimeter Capital.
How to Reach:
CNBC & BG2 Pod
Brad Gerstner’s X Account.
Sample Content featured on Alpha Coverage 49:
BG2 - Ep4. Tesla FSD 12, Imitation AI Models, Open vs Closed AI Models, Delaware vs Elon, & Market Update:
Link to YouTube Full Video (1:04 Hours) - Mar 07, 2024
Jeff deGraaf
We’ve spoken about who’s the best for fundamental analysis, we’ve spoken about momentum, we’ve spoken about who’s the best stock picker, now let’s talk about technicals. Jeff deGraaf is one of the folks I respect the most when it comes to technical analysis. I also like the work of Mark Newton who works with Tom Lee at Fundstrat and the folks at All Star Charts, which I will talk about below.
Jeff’s research is rich, steeped in historical anecdotes, well thought out and hard to argue against. His work is very powerful and again it feels great when you know that Jeff deGraaf’s research agrees with your positioning.
Jeff deGraaf is the Chairman and Head of Technical Research at Renaissance Macro Research.
How to Reach:
Renaissance Macro Research on X.
Sample Content featured on Alpha Coverage 39:
A sample of Jeff’s work is this video in January 2024 where he said: “We're in a bull market and have been for almost a year”.
And here, where he expects a momentum slowdown, but says breadth will improve (A few days ago, not covered in Alpha Coverage).
Professor Jeremy Siegel
I hated school but Professor Jeremy Siegel makes me want to go back to school again. Over the last few years, he has been a regular guest on CNBC as well as Bloomberg and he has consistently had his pulse on where the market is going and what the Fed should do.
The author of Stocks in The Long Run is one of the few academics who I think actually understand the market. Not just what the books tell you but what is happening in the here and now and where it might go next. I’ve found most other academic commentators to be rather bookish. I find Professor Jeremy Siegel’s take refreshing.
He has been accurate in his expectations on what the Federal Reserve will do and how the markets will react.
Professor Jeremy Siegel is Professor Emeritus of Finance at the Wharton School of Business.
How to Reach:
I often watch him on CNBC’s Halftime Report.
Sample Content:
Here is one of Professor Jeremy Siegel’s most recent interviews on CNBC where he predicted that FOMC might reduce the number of rate hikes from 3 to 2 this year. That did not happen but only by a whisker. The FOMC’s dot plot showed 3 cuts in 2024 (9 out of 19 members thought 2 rate cuts would be appropriate). If that was 10 instead of 9, that would bring the median rate cuts in 2024 to 2 rate cuts. Which could still happen in the upcoming meeting. He also talks about how going forward, this market is going to trade on earnings and not on rate cuts, which is a case I made in my article Only Bears See 6-7 Rate Cuts in 2024 in Jan this year.
Nick Colas
Co-founder of DataTrek Research, Nick publishes great fundamental research. Similar to Brian Belski’s work, Nick Colas often publishes unique data points and research that is hard to find elsewhere. His research is actionable myth busting
How to Reach:
You can access DataTrek Research on their YouTube Channel.
Sample Content featured on Alpha Coverage:
I’ve published DataTrek’s research on Alpha Coverage a few times with fundamental research like The 3-point checklist for spotting runaway markets & relatively more actionable research like These bad YTD performers could bounce after tax loss selling abates.
Bryn Talkington
I first heard Bryn Talkington on CNBC Halftime Report too. Bryn is one of the smartest and brightest investors I listen to. What I love about Bryn is that she puts in the work and finds unique and interesting investing strategies. She is a big fan of writing covered call options on her holdings and it is therefore no surprise that she introduced me to tickers like $JEPI and $JEPQ. Not that they are particularly great tickers but Bryn pushes the boundaries and introduces something new, unique, fresh into the conversation and I appreciate that
.Bryn Talkington is a Managing Partner of Requisite Capital Management & part of the CNBC Halftime Report Investment Committee.
How to Reach:
I listen to Bryn on CNBC.
Bryn Talkington’s X Account.
Steve Weiss
Steve Weiss is also a regular on the CNBC Halftime Report and I find Steve’s ability to do well in short term trading appealing. Steve is hardcore Wall Street, he is there to make money and his trading is a little more volatile than what I would prefer. So I like to keep an eye on what he’s buying and selling because he usually makes sense and tends to do well with his trades
.Stephen Weiss is the Chief Investment Officer and Managing Partner of Short Hills Capital Partners & part of the CNBC Halftime Report Investment Committee.
How to Reach:
I listen to Steve on CNBC.
Steve Weiss’s X Account.
Neil Dutta
Neil has an amazing grasp of where the market is mixed with incredible confidence based on data. Neil can point out which component of a certain report led to a hotter or softer number, even without looking at the actual report. That is some skill and confidence. Neil makes provocative headlines with his expectations on where the market is going and he is often directionally accurate
.One of the things that gives me confidence in Neil’s work is the depth with which he understands data. And not just data but also how data is collected and calculated. He is sceptical of survey data and makes the effort to understand how it is being sourced and adjusts for inherent biases. That is First Principles thinking and I love that about Neil.
Neil Dutta works with Jeff deGraaf at Renaissance Macro Research and is Partner, Head of Economic Research at Renaissance Macro Research.
How to Reach:
Renaissance Macro Research on X.
Sample Content:
Here is his most recent interview with Bloomberg talking about Inflation and the Fed’s path to cutting rates.
Ryan Detrick
Ryan is a technical analyst who apart from bringing great charts also likes to have a little bit of fun. He is famous for finding interesting correlations in the market. He recently made a chart about how the Nikkei last made all time highs when Michael Keaton played Batman and now as he returns to play Batman again, Nikkei is at a new all time high.
Ryan’s work will help you look into the plumbing of the stock market and look underneath to understand trends.
Ryan Detrick is the Chief Market Strategist at Carson Group.
How to Reach:
Carson Group’s YouTube Channel.
Sample Content featured on Alpha Coverage 37:
One of his stats that I covered was “Since 1950, when S&P has been up 8 weeks in a row (which is where we are now), 1 year later, it’s up 16 out of 18 times with an average return at 9.1%. Median 11.4%.”
Link to YouTube Video (Time Stamped) - Dec 26, 2023
J.C. Parets
J.C. knows the stock market history really well and everything seems to be in his head, like he knows what every chart that is important to this market looks like. I understand this because I feel that way about some of the things I do. So for someone who looks at charts all day, it makes sense that you have charts in your head.
What makes J.C. extra special is his ability to see patterns in those charts and the ability to know what's important vs what’s not. This ability helps J.C. keep things simple and have a balanced POV on the market, driven by data, leading to better decision making. He is more calm when it comes to investing and he lets trends prove themselves before taking a position.
J.C. Parets is the Founder and Chief Strategist at All Star Charts.
How to Reach:
All Star Charts X Account
StockMarketTV YouTube Account
J.C.’s X Account
Sample Content featured on Alpha Coverage 39:
Compound & Friends
Fan favorites J. C. Parets and Joe Fahmy take us through where the markets are and why we are likely in a bull run - Full Video (01:42 Hours).
How To Read And Benefit From Sentiment Measures - Clip
Technicals Are Human Behavior On A Chart - Clip
Here are a few X users that I find most helpful:
Joe Fahmy - Seasoned investor and educator. You can follow him on X or on YouTube. X, YouTube.
Beth Kindig - Focuses on tech, has been blowing the horn on Nvidia for a few years now. X, Seeking Alpha
Jonah Lupton Focused on growth stocks. His most recent success has been $CELH. X, Seeking Alpha
Brian Feroldi - Puts out great educational content like this.
Apart from CNBC, I listen to Bloomberg for a few hours a day too. You can access Bloomberg 24X7 YouTube for free.
Here are some of podcasts I listen to most often:
The Compound - YouTube
Apart from reading news daily, listening to Halftime Report on CNBC, The Compound is the last piece that completes my weekly must haves for finance media.
“What Are Your Thoughts” which premiers live every Tuesday and “The Compound and Friends” which is released every Friday are my two favourite shows that I must watch each week. If you’ve been following my work for a while, you will have come across references to this multiple times.
What Are Your Thoughts is often pertaining to more immediate market related news and events.
In The Compound and Friends, the hosts Josh Brown and Michael Batnick bring in one or two guests each week and talk about the week in the market but also talk about investing more broadly, they talk about the industry, how it has evolved and other topics that affect the investing world. This is a true insider's podcast. A tiny number of people know about it and it is so iconic that I will predict that if they continue to produce such great content, they will outgrow all finance podcasts. The Compound and Friends is a Saturday morning ritual for me.
Strongly recommend watching The Compound shows on YouTube because they show so much data and charts that you need the visual medium. In fact you should watch all finance shows on YT, when available.
Link to The Compound on YouTube
B2G Pod - YouTube
B2G Pod is very new, it features Brad Gersten and Bill Gurley and this podcast is a lot more tech leaning. While they talk about the markets too, the conversation is usually heavy on tech and goes much deeper into the tech they are talking about. Given that these are hedge fund and VC investors, their conversation is very rich and there is a lot to learn from. The most recent conversation about Tesla FSD 12 blew me away (Link to YouTube Full Video (1:04 Hours) - Mar 07, 2024)
The Morning Show:
The Morning Show focused on technicals produced by All Star Charts is a daily morning show (M-F) where J.C. Parets and Steve Strazza take us through charts they are looking at. It runs for 1.5 hours everyday and is part of my daily routine. They have a guest every show, someone who is an industry insider and often leaning on technicals. Since I am a more fundamental investor, this show helps me keep tabs on what the technical strategists are looking at. It helps me identify key new tickers for trades as well as support and resistance levels for stocks. This show has helped me learn more about technicals which has been immensely helpful.
Since most of the financial media is about fundamentals, this show really fills a gap for me. I know how analysts on Wall Street think about this market but what are the technical traders looking at?
Link to StockMarketTV on YouTube
Timeframe:
Since I am talking to you about who you should listen to, I think ‘timeframe’ is a very important conversation to have. Most investors when they talk about an investment, they often don’t give a time frame. So please be aware that you need to understand what time frame any given investor is talking about for you to benefit.
For example, in my list, Steve Weiss is often doing short term trades while Josh Brown is often going long term. Most Wall Street folks are often only referring to the next 12 months. I’ve written about Timeframe in more detail in my last Edu article titled: Investing 102: The Power of Retail Investors.
Summary:
News is the most important me. Listening to a lot of other financial experts is essential to understand where the market and sentiment is. It also helps to listen to experts who can simplify challenging and technical topics and explain it to you like you are a 5 year old.
If you only have a couple of hours a week, follow Alpha Coverage, a summary of what’s going on and try to catch The Compound and Friends every weekend.
If you can find an hour every day, watch CNBC Halftime Report (M-F) + What Are Your Thoughts + The Compound and Friends every week.
If you have more time than that, then I guess you have enough time to check out my list above and pick and choose who you like listening to.
You can access Alpha Coverage in text format on Substack and in Audio/Visual + Text format on YouTube, X and Instagram.
As a final reminder, Seeking Alpha is running a Spring Sale and if you use this link to sign up, between March 27th and April 3rd, 2024, you can get Seeking Alpha Premium at $179 instead of $239 for the first year (25% off).
(Please take note that I’ll be compensated if you join seeking alpha using the link I shared above.)
